Two U.S. House representatives—Democrat Sam Liccardo and Republican Young Kim—have introduced the Payments Access and Consumer Efficiency (PACE) Act, a 23-page bill that could reshape payment infrastructure. The legislation grants qualifying nonbank institutions direct access to Federal Reserve payment systems, aiming to streamline transactions for businesses and consumers alike.

The proposed framework would be overseen by the Office of the Comptroller of the Currency (OCC), with participation requiring licensing in at least 40 states. Payment providers must maintain 1:1 reserves and adhere to rigorous risk management protocols, replacing today’s fragmented state-level regulations.

Crypto industry leaders back the measure as a bridge between fintech innovation and traditional banking. If passed, it would enable direct connectivity to Fedwire, FedNow, and FedACH—potentially accelerating institutional adoption of blockchain-based settlements.